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5:06 p.m.: The O’s weren’t sitting on their hands this month as Dan Duquette and company added Bud Norris on the trade deadline to a pitching staff that also recently welcomed both Scott Feldman and closer Francisco Rodriguez.

Michael Young was believed to be heading to Texas on Tuesday but on Wednesday, reports surfaced that he’d be open to heading to Boston or New York — two teams that could certainly use his services. But now, the Phillies are “skeptical” about any trades, says Nightengale.

2:47 p.m.: On Tuesday, Michael Young wasn’t going to go anywhere except Texas. On Wednesday, he reportedly opened up a little and told the Rangers he’s waive his no-trade clause to join the Red Sox if they were interested. Now, Young is reportedly interested in heading to New York and his interest “sincere,” says Rosenthal.

2:41 p.m.: Phil Hughes could be leaving the Bronx as Bob Nightengale is reporting that the Yanks are taking calls and receiving offers for the 27-year-old hurler. Hughes will be a free agent at the end of the year and has a 4.58 ERA in 112 innings this season.

2:33 p.m.: The O’s could be adding a big arm as Baltimore and Houston continue to talk about Bud Norris. Ken Rosenthal says the O’s, along with Arizona and Pittsburgh, are talking to the Astros and that there is “finally some movement on Norris.”

2:16 p.m.: Ian Kennedy is heading to San Diego.

According to MLB.com’s Corey Brock, the Padres have acquired Kennedy from the Diamondbacks in exchange for lefty Joe Thatcher, Double-A right-hander Matt Stites and a draft pick.

2:13 p.m.: According to Mark Feinsand of the New York Daily News, the Yankees have been told that Michael Young would accept a trade to New York.

2:10 p.m.: The Yankees could use a third baseman, but according to FOX Sports’ Ken Rosenthal, they’re not getting far in their search for one.

Rosenthal reports that the Marlins still expect interest in Placido Polanco, but that the Yankees have been cool to the idea so far.

2:06 p.m.: The plot is thickening in the Michael Young saga.

Joel Sherman of the New York Post reports that two executives believe the Red Sox and Phillies are discussing Young, and that the Yankees would be interested in going after the veteran infielder if those talks fall through.

Any potential deal involving Young, of course, would require him to waive his no-trade clause. There have been various reports throughout the day about his willingness — or lack thereof — to do so.

CBSSports.com’s Scott Miller reports that if the Padres land Kennedy — which he notes is still an “if” — the deal will likely involve Joe Thatcher and two minor leaguers going to Arizona.

1:53 p.m.: Marlon Byrd’s name is being tossed around.

There are suitors for Byrd, but no one seems willing to meet the Mets’ asking price, according to Newsday’s Marc Carig.

1:41 p.m.: The Ian Kennedy rumors are gaining steam.

CBSSports.com’s Jon Heyman reports that the Padres are getting closer to a deal for Kennedy. According to Heyman, the Angels had been hoping to get Kennedy as well.

Yahoo! Sports’ Jeff Passan tweeted that Joe Thatcher would be one of the players going to Arizona if San Diego lands Kennedy.

1:35 p.m.: Bud Norris is challenging Michael Young for the most talked about player right now.

Norris, who has been the subject of trade speculation in recent weeks, has been a popular name in trade chatter today. The Indians and Rangers are the latest teams linked to the right-hander.

According to CBSSports.com’s Danny Knobler, the Indians, who are seeking a starting pitcher, have been in contact with the Astros about Norris, although their interest level is unclear.

Knobler also reports that there’s been some talk of the Rangers having interest in Norris, possibly so that they can then flip him for a hitter.

1:31 p.m.: Ian Kennedy has been shaky all season, but there’s reportedly a chance he could get dealt.

Kennedy to the Padres “could happen,” according to Danny Knobler.

Kennedy is 3-8 with a 5.23 ERA in 21 starts this season, but he has had success in the past. The 28-year-old went 15-12 with a 4.02 ERA in 2012, and he went 21-4 with a 2.88 ERA while finishing fourth in NL Cy Young voting in 2011.

According to CBSSports.com’s Danny Knobler, the Tigers have been in contact with the Jays about bullpen arms.

1:20 p.m.: Who really knows what’s going on with this whole Michael Young thing?

We heard that Young would accept a trade to the Red Sox, and then a report surfaced that stated a trade to Boston was doubtful. Now, the Boston Herald’s Scott Lauber is reporting that Young is unlikely to waive his no-trade clause for anywhere but Texas, while WEEI.com’s Rob Bradford is reporting that a source is not confident that Young will accept a trade to any team.

1:15 p.m.: The Rangers apparently want to get creative, and their creativity includes checking in on two of baseball’s most feared sluggers.

According to CBSSports.com’s Danny Knobler, the Rangers have asked about Jose Bautista and Edwin Encarnacion. Knobler also reports, however, that it’s unlikely that the Blue Jays will trade either one.

12:55 p.m.: Could Matt Garza be dealt twice in one season?

FOX Sports’ Ken Rosenthal says that it’s probably a long shot, but Garza reportedly is among the Rangers in play.

Rosenthal reports that the Rangers are aggressively trying to get more offense and are exploring multiple avenues. He also says that it’s not unusual for Texas to make creative proposals.

The Baltimore Sun’s Dan Connolly reports that the Orioles are pursuing both Perez and slugger Mike Morse. They’d reportedly like a combo deal.

12:34 p.m.: This whole Michael Young saga changes by the minute.

According to ESPN.com’s Gordon Edes, it’s doubtful that the Red Sox will make a move for Young, who reportedly is willing to accept a trade to Boston.

Peter Gammons reported a few minutes prior that the Phillies hadn’t called the Red Sox about Young’s willingness to go to Boston. It’s also uncertain whether the Sox are interested in Young, although they’ve long been linked to the veteran infielder.

12:29 p.m.: Bud Norris might be the best starting pitcher available now that Jake Peavy has been dealt. And it sounds like things are heating up around the Astros hurler.

According to Peter Gammons, Norris continues to get a lot of interest from the Giants and Pirates, while teams like the Diamondbacks and Rangers are also talking about the 28-year-old right-hander.

12:15 p.m: Terry Francona’s Cleveland Indians are right in the fight for the American League Central, so it makes sense that they’d be players at the trade deadline.

Nick Cafardo confirms as much, saying the Indians are looking for a top-line starter.

12:09 p.m.: Jim Bowden of ESPN is among those reporting that Cliff Lee will not be traded now that the Red Sox are out of the mix.

12:06 p.m.: The Blue Jays are also looking into the Angels’ Howie Kendrick, Ben Nicholson-Smith reports.

12 p.m.: The chances of Justin Morneau going to the O’s are slim, Dan Connolly of The Baltimore Sun writes.

11:53 a.m.: The Red Sox could still use some help in the bullpen, and Nick Cafardo says they’re looking into Luke Gregerson of the Padres.

Gregerson has pitched in relief five seasons for the Padres, compiling a 2.29 ERA, 1.099 WHIP and 9.1 strikeouts per nine innings pitched. He had 37 saves in 2010.

The Pirates are also in the mix for Gregerson, and Jayson Stark of ESPN reports that the Padres may not want to move Gregerson first.

11:41 a.m.: Things are heating up now. There’s more news out of the American League East, where the Orioles are also looking to tool up for the stretch run.

The Birds are looking into Astros right-hander Bud Norris and Twins first baseman Justin Morneau, according to multiple reports.

Jon Heyman says there’s a chance Houston keeps Norris, who is also getting attention from the Diamondbacks and Pirates. He says the O’s haven’t made an offer yet, but the Astros are “hopeful” they’ll make a push.

Meanwhile, the White Sox would still like to move Alex Rios, but Jayson Stark of ESPN says that’s not likely.

10:42 a.m.: Almost as interesting as the trades that do happen are the ones that don’t — or, in this case, the fake ones.

Some fans had a good time with Hunter Pence last night, telling him he’d been shipped to the Red Sox. Check out what ensued here.

10:30 a.m.: Cliff Lee is probably going to stay with Philadelphia.

Jon Heyman of CBSSports.com reports that the Red Sox were never really in on Lee before nabbing Jake Peavy, and for good reason — few teams are interested in taking on Lee’s $70 million in remaining salary and giving up the pieces the Phillies are asking for.

Heyman said no other teams have shown interest in Lee, even though the Phillies would like to move him.

10 a.m.: National League Central update! Isn’t it exciting that the Pirates are players at the trade deadline? It’s been a while coming, but these Bucs look built to last.

Ken Rosenthal of FOX Sports reports that the Pirates are talking with the Cubs about 29-year-old right fielder Nate Schierholtz and/or 33-year-old center fielder David DeJesus. DeJesus is the more likely trade, according to Rosenthal, although Schierholtz is more likely to be moved than some Chicago relievers, according to ESPN’s Jayson Stark.

9:30 a.m.: On the Red Sox front, the signs continue to point toward the club staying within the organization to patch its infield hole.

Reports indicate that the Red Sox will call up Brock Holt for Wednesday and likely turn to Will Middlebrooks or Xander Bogaerts to play third for the rest of the season rather than trading for a new infielder. Of course, Jose Iglesias was actually a shortstop before taking on third while Stephen Drew returned at shortstop, so it’s not complicated thinking that the Red Sox would just stay with who they have.

Wednesday, July 31, 8:50 a.m.: Michael Young likely won’t be a member of the Philadelphia Phillies by the end of today, but he also likely won’t be a member of the Red Sox, as much as some people have enjoyed that idea.

The Red Sox could use an infielder after dealing Jose Iglesias in the Jake Peavy trade, but Nick Cafardo reports that that hasn’t changed the Young situation. Rather, the Red Sox will likely look within to take care of third base for now.

1:28 a.m.: Ben Cherington’s conference call concluded a short while ago, and here some highlights.

-The Red Sox had been talking to the White Sox for a while, but Boston had a hard time matching up with them directly. Expanding the trade to a three-team deal allowed all three teams to get what they needed.

-The Red Sox are not announcing a roster move regarding third base at this time. Cherington said that he wouldn’t rule anything out, but he doesn’t expect that the Red Sox will add an infielder before Wednesday’s 4 p.m. deadline. It seems that he’s comfortable with the organization’s internal options.

-Cherington said that he felt the Red Sox traded from a relative area of strength.

-Peavy is expected to join the Red Sox on Wednesday, but he will not start Wednesday’s game. It’s unclear when he will make his first start with the Red Sox.

-Cherington said that Clay Buchholz’s situation did factor into their discussions with other teams “to some degree.” There’s no further update on Buchholz, although Cherington said the right-hander continues to progress well.

-Cherington is comfortable where Peavy is physically. He said that Peavy has had no arm issues since his last surgery, and he called the right-hander’s rib injury this season a “freak thing.”

-Brandon Workman’s role right now is undefined.

-Brayan Villarreal will report to Pawtucket.

-There is no cash involved in the deal. The Red Sox will take on Peavy’s entire contract.

-The Red Sox decided while looking at the starting pitching market that if they were going to give up a long-term asset — like Iglesias — they preferred to acquire someone who would be under control for more than just the rest of this season.

12:12 a.m.: Red Sox general manager Ben Cherington is scheduled to have a conference call at 12:15 a.m. Stay tuned for more from that.

12:05 a.m.: It’s official. It’s a three-team, seven-player deal.

The Red Sox announced that they have acquired Jake Peavy from the White Sox and Brayan Villarreal from the Tigers.

The Red Sox sent Jose Iglesias to the Tigers for outfielder Avisail Garcia and Villarreal. Boston then sent Garcia and minor leaguers J.B. Wendelken, Francelis Montas and Cleuluis Rondon to the White Sox in exchange for Peavy.

11:59 p.m.: While everything is still sorting itself out, I can’t help but like this deal for the Red Sox.

Jose Iglesias is as slick as they get defensively — and I’m a sucker for that — but Jake Peavy gives the Red Sox a very good middle-of-the-rotation starter at what appears to be a very reasonable cost.

I wrote the other day that Peavy would upgrade the Red Sox’ pitching staff, but not enough to warrant giving up a hefty package of prospects. Basically, I felt like the price needed to come down in order for a deal to make sense, and it did.

I think that the Red Sox really sold high on Iglesias despite his recent struggles, and they really took advantage of Detroit’s desperation for a shortstop.

Now, we’re left to wonder who will play third base for the Red Sox. It’s looking like Will Middlebrooks, although I wouldn’t be shocked to see Xander Bogaerts in the starting lineup before long if Middlebrooks struggles upon arriving in Boston.

11:43 p.m.: According to WEEI.com’s Alex Speier (via Rob Bradford), the Red Sox are giving up 19-year-old shortstop Cleuluis Rondon of Single-A Lowell in the deal.

11:37 p.m.: CSNNE.com’s Sean McAdam is reporting that the Red Sox will be including three lower-level prospects along with Jose Iglesias in the Jake Peavy deal.

According to McAdam, two of the prospects are pitchers, the third is a position player and none are on the 40-man roster.

11:29 p.m.: The Boston Globe’s Nick Cafardo just tweeted that — from what he can piece together (and hey, aren’t we all trying to piece things together?) — three other Red Sox minor leaguers are in the deal.

Cafardo also tweeted that Tigers pitcher Brayan Villarreal is likely being sent to Boston.

11:22 p.m.: If there was any doubt, Will Middlebrooks is not involved in the Jake Peavy deal, according to CSNNE.com’s Sean McAdam.

McAdam also reports, however, that the Red Sox are giving up another player and receiving another player as part of the three-way trade with Chicago and Detroit.

11:18 p.m.: The speculation regarding a potential Jake Peavy-to-Boston deal started around the eighth inning or so.

Jackie Bradley Jr. was pulled from his Triple-A game, and Jose Iglesias was eventually replaced by Brandon Snyder at third base in the ninth inning of the Red Sox’ game against the Mariners.

Now, we know that Iglesias is reportedly going to Detroit. It doesn’t appear that Bradley is going anywhere, though.

PawSox manager Gary DiSarcina said after their game that Bradley was taken out for a sore arm and nothing else. FOXSports.com’s Jon Morosi has since reported that Bradley is not part of the Peavy deal.

11:08 p.m.: CBSSports.com’s Jon Heyman reports that Jake Peavy is going to the Red Sox, Jose Iglesias is going to the Tigers and Avisail Garcia is going to the White Sox.

We still don’t know if that’s the entire deal, though. New reports are filing in every minute.

11:03 p.m.: CSNNE.com’s Sean McAdam has confirmed reports of Jake Peavy going to Boston. He also reports that Jose Iglesias is part of the deal, and that the Red Sox are dealing at least one other player.

10:53 p.m.: Details should start coming in regarding the reported deal between the Red Sox and White Sox. The first detail is rather interesting, though.

It appears that Jose Iglesias is heading to the Tigers as part of the deal, according to CBSSports.com’s Danny Knobler.

The Tigers are in need of a shortstop because of Jhonny Peralta’s involvement in the whole Biogenesis thing.

10:47 p.m.: Some strange things started to happen toward the tail end of the Red Sox’ win over the Mariners. We now know why.

The Red Sox are close to a deal for Jake Peavy, according to CBSSports.com’s Jon Heyman.

Heyman reports that Jose Iglesias is thought to be part of the trade, although multiple players are thought to be involved. Stay tuned.

7:52 p.m.: The Cardinals could get an upgrade at shortstop, writes Danny Knobler. The Cards are speaking with the Angels about Erick Aybar (.283 BA), who is certainly an offensive upgrade from current shortstop Pete Kozma (.241).

7:36 p.m.: The Yankees aren’t interested in Alex Rios, says Buster Olney. The Yanks got Soriano last week and will get Granderson back, so they’re likely all set with outfielders.

Tuesday, July 30, 5:50 p.m. ET: Rumors and speculation have been flying for weeks. We’re now down to crunch time.

The MLB trade deadline is less than 24 hours away, which means that baseball executives probably got their last bit of sleep before Wednesday evening. We’re at the point where those teams that consider themselves contenders are ditching sleep in favor of finding the final piece to their World Series puzzle.

One of the trade deadline’s biggest fish, Matt Garza, has already been dealt to the Rangers. But that hasn’t slowed down the trade chatter one bit. Cliff Lee, Jake Peavy, Bud Norris and Ervin Santana are among the starting pitchers whose names have been tossed around in recent weeks, although there are more questions than answers when it comes to their respective futures.

Perhaps we’ll see a flurry of trades, or perhaps all of the trade debates that we’ve had this season will be rendered moot. Either way, the hours leading up to Wednesday’s 4 p.m. non-waiver trade deadline should be very interesting, to say the least.

Everyone’s encouraged to hang around NESN.com’s MLB trade deadline live blog. We’ll have rumors, analysis and everything else that baseball fans love about this time of year.

This deal is basically Iglesias for Peavy. That's a no-brainer if I've ever seen one. Iglesias is great defensively but shortstops with a great glove that can't really hit are a dime a dozen. Pitchers with Peavy's talent and experience are much more valuable.

Well I hope the right hand bat this team can get will not be Michael Young, I don't like the idea of giving up top talent for a diminishing bat of Young and even a worse glove. Plus he will find the DH position is pretty crowded in Boston.

Considering the fact that Workman can now be utilized in the bullpen,... I'm liking this deal the more I think about it. I loved Jose,... but the Sox have a legitimate chance of the winning the AL East now.